Friday, March 30, 2012

Georgia Makes Small Issuer Registrations under 1973 Securities Act Qualification Registrations under 2008 Securities Act

The Georgia Uniform Securities Act of 2008, unlike the previous Georgia Securities Act of 1973, does not have a registration provision for small issuers, and so the Securities Commissioner, by administrative order effective March 15, 2012, declares that small issuer registrations not having expired as of December 8, 2011 will be treated as registrations by qualification under the 2008 Act when they expire. Upon expiration, small issuers may renew their registrations by qualification, by sending the Securities Commissioner an updated prospectus under Georgia securities rule 590-4-3-.11 [on registration statement renewals] that complies with rule 590-4-3-.06(3)(c)(2) [on prospectus contents and delivery].

Filings made in accordance with this administrative order must be made within 30 days of the order's effective date (March 15, 2012) or within 30 days from the anniversary of the effective date of the registration statement being renewed.

Note that registration statements renewed in accordance with this administrative order will be subject to the Georgia Uniform Securities Act of 2008 and corresponding securities rules as if the original registration statements were filed under the 2008 Act rather than under the 1973 Act.

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